29 episodes

On Turpentine VC, host and venture capitalist Erik Torenberg delves deep into the art and science of building successful venture firms through conversations with the world’s best investors and operators. Hear about insider strategies on decision-making, investment theses, and building firms for the long term—from the ground-level, VC to VC. Guests in season 1 include Ben Horowitz of a16z, Mamood Hamid and Ilya Fushman of Kleiner Perkins, and Alfred Lin of Sequoia. Turpentine VC is part of the Turpentine podcast network. Learn more: turpentine.co

"Turpentine VC" | Venture Capital and Investing Turpentine

    • Business
    • 4.8 • 17 Ratings

On Turpentine VC, host and venture capitalist Erik Torenberg delves deep into the art and science of building successful venture firms through conversations with the world’s best investors and operators. Hear about insider strategies on decision-making, investment theses, and building firms for the long term—from the ground-level, VC to VC. Guests in season 1 include Ben Horowitz of a16z, Mamood Hamid and Ilya Fushman of Kleiner Perkins, and Alfred Lin of Sequoia. Turpentine VC is part of the Turpentine podcast network. Learn more: turpentine.co

    Andreessen Horowitz GP Chris Dixon on Crypto, AI, and Web3

    Andreessen Horowitz GP Chris Dixon on Crypto, AI, and Web3

    In this episode Chris Dixon, GP at a16z Crypto, joins Erik Torenberg along with cohosts Dan Romero and Antonio Garcia Martinez to discuss his recent book Read Write Own: The Next Era of the Internet, how he thinks AI and crypto will collide, and why Web3 consumer hasn’t taken off yet. This conversation with Chris was recorded for the Moment of Zen podcast and goes several levels deeper on Chris' crypto/web3 thesis than most of his book tour.
    ---
    RECOMMENDED PODCAST: History 102 with WhatifAltHist

    Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more.

    Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm


    Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913


    YouTube: https://www.youtube.com/@History102-qg5oj


    ---
    SPONSOR: BRAVE

    Get first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to brave.com/ads and mention “MoZ” when signing up for a 25% discount on your first campaign.
    ---
    Join our free newsletter: https://turpentinevc.substack.com/
    ---
    RELATED SHOWS: 10X Capital Podcast
    If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/
    ---
    X / TWITTER:
    @cdixon (Chris)
    @eriktorenberg (Erik)
    @turpentinemedia
    @turpentineVC
    ---
    TIMESTAMPS:
    (00:00) Intro
    (01:10) Why Chris wrote Read Write Own
    (04:38) The Negative Perception of Blockchains in Mainstream Media
    (09:20) The Future of Crypto and Blockchain
    (14:40) Sponsor: Brave
    (15:40) Open Protocol
    (32:09) The Impact of AI on the Internet Economy
    (40:20) The Power Dynamics of the Internet
    (42:15) The Rise of Blockchain and AI
    (45:50) Future of Web3
    (46:10) Growth of Tech
    (49:05) Challenges and Opportunities of Crypto
    (01:11:30) Policy in Tech Evolution

    • 1 hr 23 min
    Compound’s Michael Dempsey on Thesis-Driven vs Founder-Driven Investing

    Compound’s Michael Dempsey on Thesis-Driven vs Founder-Driven Investing

    In this episode of Turpentine VC, Michael Dempsey, Managing Partner at Compound, joins Erik Torenberg to discuss thesis-driven vs founder-driven investing, Compound’s AI thesis, company building opportunities, ways to win at venture, advice for emerging managers, and much more.
    ---
    RECOMMENDED PODCAST: History 102 with WhatifAltHist

    Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more.

    Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm
    Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913
    YouTube: https://www.youtube.com/@History102-qg5oj
    ---
    SPONSOR: BRAVE

    Get first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to brave.com/ads and mention “MoZ” when signing up for a 25% discount on your first campaign.

    ---
    Join our free newsletter: https://turpentinevc.substack.com/
    ---
    RELATED SHOWS: 10X Capital Podcast
    If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/
    ---
    X / TWITTER:
    @mhdempsey (Michael)
    @compoundvc (Compound)
    @eriktorenberg (Erik)
    @turpentinemedia
    @turpentineVC
    ---
    TIMESTAMPS:
    (00:00) Intro
    (01:00) Thesis-Driven vs Founder-Driven Investing
    (03:19) Compound's AI Thesis
    (08:28) Company Building Opportunities
    (11:48) Creativity is the Constraint
    (14:52) More Founders or More Capital?
    (18:36) Michael on Crypto
    (24:01) Ways to Win at Venture
    (39:25) Michael on Bio
    (43:02) Michael's Family Planning Thesis
    (46:28) Technical Risk
    (49:14) Pre and Post Single Point of Proof Investing
    (51:24) Advice for Emerging Managers
    (53:04) Building a Research Organization
    (57:21) Compound in 2024

    • 1 hr
    Insights from IVP: Inside One of Silicon Valley’s Best Growth Firms

    Insights from IVP: Inside One of Silicon Valley’s Best Growth Firms

    In this episode of Turpentine VC, Somesh Dash, General Partner at IVP, joins Erik Torenberg to discuss how IVP differentiates itself, winning late stage deals, team construction, why venture capital in 2024 looks like private equity in 2008, the future of IVP, and much more.
    ---
    RECOMMENDED PODCAST: History 102 with WhatifAltHist

    Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more.

    Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm
    Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913
    YouTube: https://www.youtube.com/@History102-qg5oj
    ---
    SPONSOR: BRAVE

    Get first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to brave.com/ads and mention “MoZ” when signing up for a 25% discount on your first campaign.

    ---
    Join our free newsletter: https://turpentinevc.substack.com/
    ---
    RELATED SHOWS: 10X Capital Podcast
    If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/
    ---
    X / TWITTER:
    @someshdash (Somesh)
    @ivp (IVP)
    @eriktorenberg (Erik)
    @turpentinemedia
    @turpentineVC
    ---
    TIMESTAMPS:
    (00:00) Intro
    (02:47) How IVP Situates Itself
    (07:39) The Case for Not Becoming Multi-Stage
    (10:46) IVP's Strategy
    (19:05) Evolution of IVP's Approach
    (22:18) Sponsor: Brave
    (23:20) Winning Late Stage Deals
    (28:12) Fund Sizing
    (36:13) IPO Window Opening
    (39:35) Team Construction
    (47:09) Evolution of VC
    (50:36) Future of IVP

    • 57 min
    Frank Rotman of QED on Navigating FinTech and Crypto Investments

    Frank Rotman of QED on Navigating FinTech and Crypto Investments

    In this episode of Turpentine VC, Erik is joined by Frank Rotman, the founding partner of QED investors, a fintech-focused VC firm. Frank provides a nuanced analysis of investing in fintech and neo banks, offers his view of the larger macro environment, and maintains the need for discipline and resilience in business. This episode was recorded with Frank in 2023 but remains just as relevant today.
    ---
    RECOMMENDED PODCAST: History 102 with WhatifAltHist

    Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more.

    Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm
    Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913
    YouTube: https://www.youtube.com/@History102-qg5oj
    ---
    SPONSOR: NETSUITE | BRAVE
    NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist.

    The tech world turns to the Brave browser for a private ad platform that respects user privacy. Brave Ads offers first-party targeting, and it’s been cookieless since day one. Join the future of advertising at https://brave.com/ads. Mention “MoZ” when signing up for a 25% discount on your first campaign.

    ---
    Join our free newsletter: https://turpentinevc.substack.com/
    ---
    RELATED SHOWS: The Limited Partner
    If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/
    ---
    X / TWITTER:
    @fintechjunkie (Frank)
    @eriktorenberg (Erik)
    @turpentinemedia
    ---
    TIMESTAMPS:
    (00:00) Intro
    (01:46) The Evolution and future of Fintech
    (11:00) Incumbents vs Startups - locating the advantage?
    (13:50) Bullish or bearish on banking
    (20:30) Impact of fintech on different regions in the world 
    (21:28) Sponsor: NetSuite | Brave
    (30:01) Evolution of neobanks
    (34:39) The Pitfalls of Abundant Capital
    (36:18) The Importance of Discipline in Business
    (36:21) The Return of Darwin: The Impact of Drying Capital
    (46:00) The Impact of Excessive Valuations
    (51:25) The Role of Crypto in the Financial World
    (55:13) The Potential of NFTs and Crypto
    (01:09:59) The Future of Fintech

    • 1 hr 11 min
    Building a Multi-Billion-Dollar Asset Management Firm with CoVenture's Ali Hamed

    Building a Multi-Billion-Dollar Asset Management Firm with CoVenture's Ali Hamed

    In this episode of Turpentine VC, Ali Hamed, Partner at CoVenture, joins Erik Torenberg to discuss the advantages of investing across asset classes, CoVenture’s inflection points, the importance of being liked in venture, and asset classes Ali hopes to invest in in the future. If you’re looking for an ERP platform, check out our sponsor, NetSuite:http://netsuite.com/turpentine
    ---
    RECOMMENDED PODCAST: History 102 with WhatifAltHist

    Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more.

    Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm
    Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913
    YouTube: https://www.youtube.com/@History102-qg5oj
    ---
    Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors (including Dan) sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we over better dating apps, references as a service, and WeWork for productivity

    Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks


    Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822


    Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv


    ---
    We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.
    ---
    SPONSOR: NETSUITE | SHOPIFY
    NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist.

    Shopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of ALL eCommerce in the US. And Shopify's the global force behind Allbirds, Rothy's, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries.From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you're selling, Shopify's got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzen
    ---
    Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/
    ---
    RELATED SHOWS: The Limited Partner
    If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner
    ---
    X / TWITTER:
    @AliBHamed (Ali)
    @coventurevc (CoVenture)
    @eriktorenberg (Erik)
    @Turpentinemedia
    @TurpentineVC
    ---
    TIMESTAMPS:

    (00:00) Episode Preview
    (01:25) CoVenture in a Nutshell
    (03:22) How CoVenture Succeeds in Credit
    (06:50) Hard Conversations VCs Should Be Having
    (10:01) How CoVenture Differentiates
    (11:16) Venture Firms Getting Into Multiple Asset Classes
    (14:19) Team Building and CoVenture's Future
    (23:37) Future of CoVenture Continued
    (28:24) Ali on Crypto
    (31:07) Why LPs Are More Comfortable Giving Money to Big Brand VCs
    (35:50) The Future of Venture
    (37:41) The Evolution of Coventure
    (44:27) Starting Over in 2024
    (52:51) Understanding Different Asset Classes
    ---

    • 59 min
    Tomasz Tunguz on the Theory Behind Theory Ventures

    Tomasz Tunguz on the Theory Behind Theory Ventures

    In this episode of Turpentine VC, Tomasz Tunguz, General Partner at Theory Ventures, joins Erik Torenberg to discuss the Theory Ventures model, the coming contraction in investable VC dollars, the parallels between PE and VC, and much more. If you’re looking for an ERP platform, check out our sponsor, NetSuite: http://netsuite.com/turpentine
    ---
    RECOMMENDED PODCAST: History 102 with WhatifAltHist

    Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more.

    Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm
    Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913
    YouTube: https://www.youtube.com/@History102-qg5oj
    ---
    Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors (including Dan) sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we over better dating apps, references as a service, and WeWork for productivity

    Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks


    Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822


    Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv


    ---
    We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.
    ---
    SPONSOR: NETSUITE | SHOPIFY
    NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist.

    Shopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of ALL eCommerce in the US. And Shopify's the global force behind Allbirds, Rothy's, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries.From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you're selling, Shopify's got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzen
    ---
    Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/
    ---
    X / TWITTER:
    @ttunguz (Tom)
    @Theoryvc (Theory Ventures)
    @eriktorenberg (Erik)
    @cjgustafson222 (CJ)
    @TurpentineVC
    ---
    TIMESTAMPS:

    (00:00) Episode Preview
    (01:02) The Theory Behind Theory Ventures
    (05:23) Advice for Emerging Managers
    (08:29) How to Play AI as a VC
    (11:02) Sectors/Technologies Tom Finds Appealing
    (12:47) Biggest Data Trends in VC
    (18:13) Replacing Founders
    (22:54) The Journey of a Founder to IPO
    (28:15) Qualities of a Great CFO
    (31:14) Sponsor - Netsuite and Shopify
    (34:13) The Universe of LPs
    (36:56) The Future of Multi-Stage Venture Firms
    (39:02) The Future of Venture Capital Industry
    (41:45) Tom's Economic Outlook
    (48:23) The Future of Theory Ventures
    (51:12) The Future of Accelerators
    ---

    • 53 min

Customer Reviews

4.8 out of 5
17 Ratings

17 Ratings

Uninstalling this now ,

Must listen for anybody in VC

The guests are flippin' smart and Erik is a great host. I learn something new every episode!

World-Runner7 ,

Thanks

Great podcast! Keep it up!

Al the VC ,

Great perspective on VC

Finally a dive into the structures of VC’s, this is great insight and has been a great listen. Looking forward to new episodes.

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